The Manchester City manager Roberto Mancini has responded to his side's Champions League exit by targeting at least two trophies this season.

City are still on course for a memorable campaign despite their 2-0 win over Bayern Munich proving insufficient to secure Champions League qualification for the knockout stages. They have a five-point lead at the top of the Premier League, a Carling Cup semi-final against Liverpool, and the Europa League and FA Cup to look forward to next year.

Mancini said: "We are disappointed, that is normal. We wanted to go into the second stage and now we can do nothing. It is my opinion next year, that if we play Champions League, we will do better.

"I am sure we will improve, but it is important to finish well this year. When I say finish well this year, I mean to maybe win two trophies."

City began their Champions League campaign with high hopes but found the going tough alongside eventual qualifiers Bayern and Napoli in Group A. But they still won a creditable 10 points, and Mancini believes his players have learnt from the experience.

"In the Champions League you know that every game is difficult. If you meet a team that is maybe not as strong as you, and if you don't play those games 100%, you concede goals. We can improve on this.

"I think we did well and I also think we were unlucky because in Naples we didn't deserve to lose. But this is football. You can play well but if you concede two goals you have to take more risks. In the Champions League you can't concede many goals, you must pay attention every game.

"You should arrive at the last game and it should depend on you – if you win you go through. But we arrived in the last game depending on Naples and this is difficult."

City will now go into the draw for the last 32 of the Europa League alongside Manchester United, who also went out of the Champions League on Wednesday.

"For us to win the Europa League is an important trophy," said Mancini. "It is clear we wanted to win the Champions League but this is not possible. The Europa League is now an important trophy.

"The Premier League is the priority – and the Europa League, Carling Cup, FA Cup. I think if we are lucky and we don't have a lot of injuries in the future, we have a team that can play all competitions."

City's expensively funded rise to join the European elite has attracted criticism from around the continent, with the former Arsenal and Germany goalkeeper Jens Lehmann saying they play "very, very boring football", "make their opponents fall asleep" and that people "don't want to see" them in the Champions League.

Mancini said: "I don't know about this but I think we should respect every opinion. I remember him as a fantastic keeper in Italy, he was incredible."